Legal Description

Overview

Eton Apartments is a well maintained and extensively updated 3-storey wood-frame rental apartment building comprising 16 suites. Constructed in 1967, the building is improved on a 10,858 SF lot in Vancouver’s Grandview neighbourhood. The property features balconies/patios, in-suite dishwashers, surface parking, storage lockers and great views of Burrard Inlet and the North Shore Mountains.

Due to the property’s inclusion in the Grandview-Woodland Community Plan, there is a future development opportunity (allows for a rental apartment building up to 6 storeys and a density up to 2.4 FSR).

Buyer has opportunity to buy the shares of the company holding title and save PTT

Significant upside on rents

Financing: A first CMHC-insured mortgage in favour of Peoples Trust, with a current outstanding balance of approximately $1,900,000 at an interest rate of 2.510%, 35-year amortization, and a maturity date of December 1, 2019. Monthly payments are $9596 per month. Preference will be given to Buyers willing to assume this existing first mortgage.

All new commercial grade carpet and lino, refinished oak hardwood to some suites

New ceramic tile to entry foyer, painted baseboard

Location

Eton Apartments is located in the northern most section of East Vancouver’s trendy Grandview-Woodland neighborhood, a block away from Vancouver Harbour, and only minutes to Downtown Vancouver, the Trans-Canada Highway and the North Shore.

The property is within walking distance to the ever-changing East Hastings Corridor, which offers direct bus access to UBC, SFU, the Canada Line, Expo Line and Millennium Line. The area is being rejuvenated with numerous planned mixed-use developments comprising a eclectic mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive with an electric mix of restaurants, specialty shops & services, grocery and many other tenant friendly amenities. Other notable location highlights include PNE/ Playland, Hastings Racetrack and Pacific Coliseum.